called JPM coin to institutional clients, which represents dollar deposits at the bank. >> They're all moving on crypto. Let's turn now to the private market space, Robinhood CEO Vlad Tenev telling the Financial Times this week that the platform plans to create an AI startup's portfolio that, quote, normal people can invest in.That comes after Morgan Stanley agreed to acquire private marketplace equities, and last month and Charles Schwab announced last week it would buy Forged Global. We talked to the CEO ...

NEW YORK & BOSTON--(BUSINESS WIRE)--A new national survey released today by The BlackRock Foundation and Commonwealth reveals that over 54% of Americans living on low and moderate incomes (individuals from households living on low and moderate incomes ranging from $30,000 - $79,999 annually) are currently retail investors in the capital markets. Among this cohort, more than half are new investors who began investing within the past five years. These findings underscore the democratization of re. ...

Broadridge Financial Solutions Conference Summary Company Overview - Broadridge Financial Solutions is a leading provider of technology infrastructure in the financial services industry with a market cap of approximately $28 billion and annual fee revenue of $4.5 billion [3][4] - The company serves clients primarily in wealth management, asset management, capital markets, and corporate issuers, including 28 of the 29 globally systemic important banks [4] Core Business Segments - The Investor Communication Solutions (ICS) unit connects corporate issuers to investors through banks and advisors, facilitating a unique network [5] - The Global Technology Operations (GTO) business includes capital markets and wealth management services, providing front, middle, and back office systems [6][7] Growth Plans - Broadridge's growth strategy focuses on three areas: governance franchise, capital markets, and wealth management modernization [8][9] - The governance franchise aims to democratize and digitize governance, with mid-teens position growth in equities and mid-single digits in funds for FY25 [11][12] - Capital markets are being simplified and innovated, with a focus on AI and new technologies like Bond GPT [13][14] - Wealth management is being modernized through modular solutions, allowing firms to upgrade their back office capabilities [15] Financial Performance - Over the last decade, Broadridge has achieved 10% recurring revenue growth and 13% adjusted EPS growth, with dividends growing in line with earnings [16][17] - The company targets 5-8% organic revenue growth and 8-12% EPS growth over the next three years [17] Market Trends - The democratization of investing is driving position growth, with more investors entering the market and increasing the number of positions per investor [22][23] - Position growth has been in the high single digits over the last decade, with expectations for continued positive trends [25][26] Digital Transformation - Broadridge is actively investing in digital communications, with 85-90% of regulatory communications already suppressed digitally [32] - The customer communications business, valued at $700 million, is transitioning from 85% print to a growing digital segment [38][40] Revenue Streams - Recurring revenue is defined as revenue under contract for multiple years, while event-driven revenue is one-time or sporadic [46][47] - Distribution revenue, primarily from physical output, is expected to grow in the medium term but will likely dissipate in the long term as digital strategies are executed [50][51] Demand and Market Conditions - Demand for solutions related to cost efficiency remains strong, with clients seeking to reduce operational costs [55] - Market volatility has historically not negatively impacted position growth, with strong defensibility observed since 2007 [59][61] Competitive Landscape - Broadridge holds a significant share in the proxy business, with competitors like Proxy Trust and Mediant [66] - The company is exploring growth opportunities in the global proxy business as international investors increasingly buy US securities [66] Regulatory Environment - Current regulations, including potential digital asset disclosures and proxy reforms, are seen as opportunities for Broadridge [68][69] - The company has developed a disclosure solution for digital assets called Clarify [68] Capital Allocation Strategy - Broadridge prioritizes internal growth investments, dividends, tuck-in M&A opportunities, and share buybacks while maintaining an investment-grade credit rating [75][76]

Financial Data and Key Metrics Changes - Broadridge has a market cap of $28 billion and aims for organic revenue growth of 5% to 8% and earnings growth of 8% to 12% over three years, with a target of low double-digit returns over the long term [3][5][6] - The company reported $1.5 billion in fee revenue from its Global Technology and Operations (GTO) segment, with a total addressable market of approximately $36 billion [15][17] Business Line Data and Key Metrics Changes - In corporate governance, Broadridge managed 900 million equity positions in the past year, reflecting significant growth [4][9] - The GTO segment has historically been back-office focused but is now expanding into front and middle office solutions, with strong positions in North America [16][19] - The wealth management segment is seeing growth through a $1 billion investment in a modern platform co-developed with UBS, which is now being implemented with multiple clients [20][21][76] Market Data and Key Metrics Changes - The democratization of investing has increased the percentage of adults in the U.S. holding equities from 40% to 60%, driving position growth for Broadridge [9][10] - The company is experiencing increased demand for digital communications and data analytics solutions, reflecting broader trends in the financial services industry [32][34] Company Strategy and Development Direction - Broadridge is focusing on digitization, moving communications from paper to digital formats, and enhancing investor engagement through innovative platforms [10][11] - The company is transitioning to a platform-oriented model, integrating solutions across asset classes to provide more value to clients [12][13] - Investments in AI and data analytics are seen as key to enhancing product offerings and operational efficiency [14][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged current macroeconomic uncertainties but emphasized that long-term growth dynamics remain intact [41][46] - The company is positioned to help clients navigate regulatory changes and technological advancements, viewing these as both risks and opportunities [70][72] Other Important Information - Broadridge has made approximately 45 acquisitions over the last ten years, focusing on smaller, high-return investments [24][25] - The company maintains a balanced capital allocation strategy, prioritizing internal investments, dividends, and strategic acquisitions [66][67] Q&A Session Summary Question: Can you elaborate on the current sales outlook given macro uncertainties? - Management lowered the sales outlook for FY25 but confirmed that long-term growth dynamics are still intact, with a focus on organic growth from governance and communications [41][42] Question: What are the top two risks for the company? - Regulatory changes and technology evolution are viewed as risks that can also present opportunities for Broadridge to assist clients [70][72] Question: How has the company evolved over the last five years? - The governance business has scaled significantly, with 70% more positions managed compared to five years ago, and the company has expanded its capital markets and wealth management capabilities [74][75]